The Feds Fire Brian Sack - Business Insider

NEW YORK (Reuters) - Brian Sack, the former head of the Federal Reserve Bank of New York's open market operations who for the last six months served as a senior policy adviser, is to resign effective January 18.

In the latest twist in Sack's tenure at the U.S. central bank, the New York Fed said late on Friday that Sack had announced his intention to resign. It was the second such notice in less than a year.

In April 2012 it was announced that Sack would resign his position overseeing the U.S. central bank's market-based monetary policy actions - including its quantitative easing programs - which he had held since 2009.

But on what was to be his last day on the job, June 29, the New York Fed said Sack had withdrawn his resignation and would instead stay on in a new position as adviser to New York Fed President William Dudley.

Seen as a rising star at the Fed, Sack helped it steer through the fallout from the financial crisis and tepid U.S. recovery from recession.

Through a New York Fed spokesman, Sack declined to comment.

The New York Fed's markets group deals directly with Wall Street and foreign central banks, carrying out Fed actions in the open market. Simon Potter, formerly an internal director of economic research, now heads that group.

(Reporting by Jonathan Spicer; Editing by Chizu Nomiyama and Leslie Adler)

Source: http://www.businessinsider.com/feds-fire-brian-sack-federal-reserve-bank-2013-1

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